InstaMed Network enables payers to deliver CAQH CORE-compliant
EFT and ERA transactions to reduce administrative costs
PHILADELPHIA, PA and NEWPORT BEACH, CA (August 27, 2013) – InstaMed, the leading Healthcare Payments Network, announced today that it has achieved Phase III CAQH CORE (Committee on Operating Rules for Information Exchange) Certification. InstaMed is the first organization to become voluntarily CORE-certified for implementing the CAQH CORE EFT and ERA (electronic funds transfer and electronic remittance advice) Operating Rules. Regulations issued due to the Patient Protection and Affordable Care Act (ACA) mandate that all HIPAA-covered entities comply with the CAQH CORE EFT and ERA Operating Rules Set by January 1, 2014.
“Being the first organization to achieve Phase III CAQH CORE Certification demonstrates our commitment to delivering administrative efficiency to all constituents in healthcare, including payers and providers of all sizes,” said Bill Marvin, President and CEO of InstaMed. “EFT and ERA transactions are crucial to reducing administrative costs for payers and providers, and the operating rules ensure that the two transactions are streamlined and work in tandem. Payers working to implement the Phase III CAQH CORE Operating Rules can connect to the InstaMed Network and immediately achieve compliance with the January 2014 operating rules implementation deadline.”
“The CAQH CORE EFT and ERA Operating Rules establish consistent data elements for EFT and ERA enrollment, make it easier for providers to reconcile claim payments with open patient accounts receivable, facilitate easier provider reassociation between remittance data and payment, and align infrastructure requirements with other ACA operating rule specifications,” said Gwendolyn Lohse, Deputy Director of CAQH and Managing Director of CAQH CORE. “InstaMed’s proactive achievement of voluntary CORE Certification for the latest set of rules will help streamline EFT and ERA transactions for payers and providers.”
About CAQH CORE
The CAQH Committee on Operating Rules for Information Exchange (CORE) is a multi-stakeholder industry collaboration developing operating rules that streamline administrative transactions. Over the past eight years, CAQH CORE participation has grown to more than 130 organizations. CAQH CORE has a proven track record of delivering return on investment that is driven by widespread adoption and voluntary certification of operating rules. HHS designated CAQH CORE to author three sets of federally mandated operating rules under the ACA.
InstaMed simplifies every healthcare clearinghouse and payment transaction for providers and payers, all in one place. InstaMed allows payers to cut settlement and disbursement costs with electronic payments. InstaMed enables providers to collect more money, get paid faster and reduce the time and costs to collect. By connecting to the InstaMed Network, payers reduce costs by sending Phase III CAQH CORE-compliant ERA/EFT transactions, and providers simplify payments by receiving Integrated ERA/EFT® from payers. InstaMed’s single, integrated network simplifies the healthcare payments process for 400+ hospitals, 60,000+ practices/clinics and 100+ billing services; connects to 3,000+ payers; and integrates with 50+ practice management systems. InstaMed processes tens of billions in healthcare payments each year at a rate of more than $1,000 per second. Visit InstaMed on the web at www.instamed.com.